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Working Papers IRED

External benefits of private property-led development projects

Stefan Thiel / Michael Nadler

In the context of urban and real estate development the fundamental aim is the improvement of living and working conditions in cities. In terms of welfare theory, this view upon urban development is essentially based on the thought that single urban development projects directly as well as indirectly affect the environment and the residents and industries of the concerned region. The aim of this working paper is the systematization of external benefits, which emerge from private investment projects in urban and real estate development. The two authors therefore develop a four-dimensional model, which integrates the objectives, stakeholder, spatial and time dimension of development projects. A preliminary test of this model is available in the last section of the working paper.